The FCA has published a consultation paper on regulatory fees and levies for 2016/17 (CP15/34). This sets out its proposed policy changes to how its fees will be raised from 2016/17. In particular it is proposing to:
- Create a free-standing FCA fees handbook, separate from the PRA handbook (at the moment the two handbooks are linked). The FCA will only be making the minimum necessary textual changes and are not proposing any policy changes.
- Levy a 10% discount on fees paid by European Economic Area (EEA) branches that ‘passport’ into the UK market as home finance intermediaries under the Mortgage Credit Directive.
- Bring forward from 30 April to 1 April the ‘on-account’ date when larger firms pay the first instalment of their annual fees with effect from 1 April 2016.
The FCA also invites credit providers to express interest in offering credit to firms that wish to pay their fees in instalments.
The consultation is open until 8 January 2016. Depending on the proposed policy changes, the FCA expects to provide feedback on the responses received to CP15/34, along with its final rules, by way of a handbook notice in February or March 2016.